February 20

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February 20 Pre-Bell Update

• Overnight Inventory is short. We are trading inside of yesterday’s range so gap rules don’t apply. We are currently trading right around the 6145 BZ level which is the area that I was going to monitor going into today’s session. Within this area we also have VWAP at  6148.

• For sellers it’s all about getting us below yesterday’s swing low at 6140 which is also where we have Value Area Low.

February 20 Plan
We finally saw a definitive move as well as value migration above the 6145 BZ level. Notice how buyers were able to keep us inside of yesterday’s value area which meant that yesterday’s excess low was defended.

• My game plan going into tomorrow’s session is very simple, I will be monitoring for support at the 6140 BZ level. If sellers can take us bace below the swing low at 6140 I will look for a move towards 6115.

Bullish Scenarios:

• Longs above 6145 targeting 6174.

• Longs above 6174 targeting the 6200 psychological level.

Bearish Scenarios:

• Shorts below 6140 targeting 6115.

Nasdaq:

• Longs above 22,200.00 targeting 22,410.00.

• Shorts below 22,150.00 targeting 21,950.00.